By Jean D. Sifleet
The final word reference on repayment for small enterprise owners
past 401(k)s for Small company proprietors offers suggestions for lowering taxes, making plans on your retirement, and lucrative high-performing staff. specialist recommendation from lawyer and CPA Jean Sifleet can help small company proprietors maximize their very own rewards and create an atmosphere within which staff comprehend that their exertions will suggest a greater destiny for themselves.
In transparent, uncomplicated language this publication is helping you determine what sort of plan you could manage to pay for, what your staff wish, and what to do. vital tax and coverage concerns are lined intimately and step by step suggestions enables you to layout a repayment approach that works for either you and your staff. Case stories, pattern plans, and invaluable references make this e-book your one-stop resource for whole insurance of choices, from money bonus courses to worker inventory alternative plans (ESOPs) and every thing in among. With past 401(k)s for Small enterprise proprietors you should have the entire instruments you wish to:
* Maximize proprietor merits, decrease taxes, and improve your retirement income
* Use inventive repayment to inspire your employees
* comprehend certified and nonqualified plans
* deal with the original problems with kin businesses
* Get the easiest deal on assurance and advantages to your company
* stay away from pricey pitfalls
* degree your development and hold your plan on the right track
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Additional info for A small business guide to incentive, deferred compensation & retirement plans
Brennan, Actuary, and owner of Boston Benefits Consulting in Concord, MA, a SEP (Simplified Employee Pension) is a good choice for a sole proprietor or company without employees. SEPs allow the owner to contribute up to 25 percent of self-employment income up to $40,000. Corporation or LLC Firm (with Employees) The SEP is also a good choice when there are 10 or fewer employees and the employer wants to pay the full amount of the employees’ pension contribution. The employer determines the percentage of compensation to contribute and pays the money, understanding that the employees own it and can walk away with their money.
Nonqualified plans can be implemented in addition to qualified plans. Forfeiture provisions of nonqualified plans are an effective way to retain key employees. Forfeiture provisions also mean the employer does not have to pay employees who leave the company. Avoiding Older Generation’s Dependence on Younger Generation It is much easier for the older generation to “let go” if their retirement income stream is secure, separate, and apart from the future performance of the business. That way, their retirement income is not dependent on how well the kids or successor managers run the business.
Com) provide a broad range of useful family business background information. nc) includes 28 university-based family business programs, plus articles on succession planning. SUCCESSION PLANNING 1-2-3 Planning ahead is the best way to achieve your goals and a smooth transition of management and ownership of the business. To achieve a successful family business succession, I recommend the 1-2-3 approach: 1. Assess the current situation. 2. Articulate your long-term goals. 3. Develop a written plan.